Singapore

Entire Ground Level of a Freehold, Business 1 Building for Sale

​​​​​​​​​SINGAPORE, 9 January 2017 - JLL has launched an Expressions of Interest (EOI) exercise for 13 freehold, Business 1 units located on the ground floor of Gemini @ Sims, on behalf of Wenul Assets (Industrial) Pte Ltd, the developers of the project.

Located at the corner of Sims Close and Lorong 17 Geylang, the building has excellent frontage and visibility from the road. All the ground floor units are similar in layout, with sizes ranging from 2,626 sq ft to 3,670 sq ft. The 13 units have a combined strata floor area of cca. 40,375 sq ft.

“The developer had consciously withheld from selling any of the ground floor units during the construction period, despite receiving many enquiries from prospective purchasers. Now that the project has obtained its TOP, they are prepared to offer the units for sale,” says Ms Yong Choon Fah, National Director at JLL.

Ms Yong says, “The vendors are open to selling all the units to a single buyer or to multiple buyers. Opportunities to acquire an entire level of first floor industrial units are few and far between.”

“This offering poses an attractive proposition to investors or occupiers as it offers an almost exclusive use of the ground level. Its excellent dual road frontage and modern glass façade allows much flexibility and scope for brand imaging, which may find appeal among owner-occupiers looking for a large, ground floor presence.”

“Such users could include companies in e-businesses and telecommunications, furniture warehousing and retail, light fittings and building materials suppliers, etc. For example, the space could be ideal as a display and service centre for a technology company, or a one-stop home furnishings centre,” says Ms Yong.

“The ‘Business 1’ zone is intended to be used mainly for clean and light industry, warehouse and telecommunication uses. Hence other type of users can include computer software development, distribution services, assembly and repair of computer hardware and electronic equipment, printing and publishing industries. Showrooms may be allowed as an ancillary use, subject to approval and payment of Development Charges,” she adds.

“In addition, some investors may also find it attractive to acquire the units in bulk with a view of selling-down the units individually at a later stage.”

Gemini @ Sims is a 7-storey light industrial building comprising 83 strata-titled units. Accessibility is convenient with the Aljunied MRT station located less than 500 metres away. The Sims/Geylang area is also a popular destination for its many food & beverage offerings.

“In order to keep industrial space affordable for the business community, land parcels offered by the government via the Industrial Government Land Sale Programme come with shorter tenures of 30 years or 60 years, depending on when it was sold. Some industrialists may find this tenure to be too short, especially if they hold a long-term view towards property. There is, hence, much value in freehold properties, especially in centrally located areas such as Sims/Aljunied,” says Ms Yong.

She adds: “In 2015, the Urban Redevelopment Authority rezoned some parts of Geylang to ‘Commercial / Institution’ uses to limit the development of new residential projects in the area. As a result, going forward we expect more new commercial developments to come on stream in this location over the next few years, which would bring about new businesses and enhanced vibrancy. This is in addition to the many new developments sprouting up around Paya Lebar Central, which is located down the road.”

The vendors expect offers above $900 psf over the strata floor area. Interested parties are invited to submit their offers by 24 February 2017 at 3.00 pm. Prospective buyers may offer for all 13 units or for individual units of their choice.